Don’t Do It

Even after the bruising I took with metals yesterday morning, I keep glancing at miners. I confess that GDX continues to look prone to a bounce – – maybe even a hearty one……..

But I keep telling myself: don’t do it. Why? Because precious metals and their ilk are in a multi-year bear market, and one glance at the gold chart below shows there is nothing – absolutely nothing – from a technical perspective that suggests support. It’s just nothing but air at this point. A free-fall.